To reiterate its commitment towards developing the agricultural sector, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Group, has concluded plans to sponsor the Alternative Agriculture Equipment Trade Show organised by Developing Markets Associates (DMA).

The company said the sponsorship draws from the Federal Government’s renewed drive to mechanise its agricultural sector.

According to the organisers, the event, which will hold virtually on Friday, 26 March 2021, promises to provide participants the opportunity of accessing the United Kingdom’s most competitively-priced agricultural equipment on a digital platform.

DMA is a UK-based trade and investment company that acts as a connecter between the UK and key emerging markets. The firm is organising the trade show to tap into the Nigerian government’s plans for a large scale mechanised agriculture sector. The interactive trade expo will serve as a springboard to project affordable UK agricultural equipment to the Nigeria market.

Stanbic IBTC said the sponsorship underscores its commitment to help drive the transformation of the agricultural sector for sustainable growth and development.

Wole Oshin, Head, Agribusiness, Stanbic IBTC Bank, said, “Stanbic IBTC Bank is deeply committed to the development of the agricultural sector, because we believe it is pivotal to the nation’s economic growth. We have significant investments in the sector in the form of research, transactional products and credit facilities. We are currently working with several stakeholders within the sector across Nigeria, and we will continue to support initiatives such as this to help drive a sustainable agricultural sector.”

He added that the financial institution’s long-term goal is to help increase crop yield, build capacity, create wealth, reduce poverty and promote bi-lateral collaborations in agriculture equipment and technology development.

The expo will feature a selection of UK agriculture equipment sellers, re-sellers and manufacturing companies from across the agriculture value chain. These exhibitors will be showcasing their products, technology and services to stakeholders in the country’s agriculture sector.

Participants will have the opportunity to gain access to chat room discussions with sellers and buyers and a direct connection with key stakeholders.

Stanbic IBTC Bank assures of its unwavering support in the agricultural sector through innovative initiatives as well as its bouquet of Agric-tailored products that cater for its clients’ various transactional, working capital and equipment finance needs, amongst others.

February data signalled another modest expansion in the Nigerian private sector, underpinned by solid growth in new orders and output. Companies continued to expand their purchasing activity and resumed hiring efforts during the month. Signs of spare capacity were again evident, with a fresh record reduction in backlogs registered.

Meanwhile, unfavourable exchange rate movements, higher material costs and a rise in wages added to strong inflationary pressures with overall input prices increasing at a record pace.

The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI registered at 52.0 in February, up from 50.7 in January, indicative of a stronger improvement in overall business conditions. New order inflows rose sharply, with the pace of growth accelerating during the month.

The improving demand environment supported growth in output which was solid and extended the period of expansion to three months. Despite the continuation of coronavirus disease 2019 (COVID-19) restrictions in foreign markets, exports rose during the month, with foreign demand for Nigerian goods and services showing signs of improvement.

To support higher output volumes, companies added to their purchasing activity for the eighth month in succession. Consequently, firms raised their inventory holdings in anticipation of greater output in the months ahead. Vendor performance also improved, although the degree at which lead times shortened eased to the softest in nine months.

Elsewhere, further signs of spare capacity were signalled, with backlogs falling at the most marked rate in the series. Nonetheless, firms added to their workforces, with employment rising marginally. The rate of overall input price inflation quickened to the strongest in the series, largely reflecting higher purchase costs. According to panellists, higher material costs and unfavourable exchange rate movements contributed to a sharp uptick.

However, the stronger demand environment allowed firms to pass on higher prices, with charges rising substantially. Looking ahead, sentiment regarding output over the next 12 months reached a ten-month high as business expansion plans fuelled positive expectations. That said, the degree of optimism remained below the long-run series average suggesting pandemic uncertainty weighed slightly on hopes for the future.

Recently, Stanbic IBTC Holdings PLC announced the promotions of several of its women to top executive roles across the Stanbic IBTC Group.

These included the promotions of Wunmi Ehis-Uzenabor as Executive Director, Operations, Stanbic IBTC Asset Management; Busola Jejelowo as Executive Director, Investments, Stanbic IBTC Asset Management; Emi Agaba-Oloja, Executive Director, Stanbic IBTC Trustees; and Sakeenat Bakare, Executive Director, Business Development, Stanbic IBTC Insurance.

These promotions which were in line with Stanbic IBTC’s corporate governance structure and succession policy further showcased the financial institution’s posture as an equal opportunity organisation. Both male and female employees are privileged to rise as far as their skills, talents, and dedication  can permit them”.

Stanbic IBTC has always been forward-looking in terms of its recruitment and succession policies having held the belief that females are as talented as their male counterparts and can contribute immensely to businesses and the society’s growth if given equal opportunity. The belief was underscored at the commencement of operations by Stanbic IBTC many decades ago.

Over 30 years ago, when Atedo Peterside conceived the idea to establish an investment bank, one that would be matched as the best in the industry, and transform the investment and corporate banking landscape in years to come, he realised the importance of engaging the best hands and minds.

He set to work to achieve that and opted for a gender-balanced workforce as he employed as many females as males in senior management roles.

Sola David-Borha was appointed Head, Credit and Marketing Department; Oluwande Muoyo was appointed head of the Treasury and Financial Services Department; and Angela Omo-Dare became the Company Secretary and Head, Legal Services of legacy IBTC.

These appointments were against the grain. At that time, the financial services industry, particularly the investment and corporate banking sector was male-dominated, with C-suite and D-level executives being mostly men.

Atedo was however determined to redefine the industry, and he knew that only the best would help him achieve his objectives, irrespective of gender. Thus, he built a reliable team consisting of both male and female players. The tradition was established at the commencement of the business to give both genders equal opportunity in recruitment, on-the-job training, human capital development, promotions, and remuneration.

His foresight was handsomely rewarded. In five short years, legacy IBTC had become the leading investment and corporate banking company in the country and successfully displaced industry giants in merchant banking of that era.

More than 30 years later, and having gone through a series of transformations, including mergers and becoming a holding company, Stanbic IBTC still maintained that equal opportunity legacy.

Employees of the organisation are exposed to quality and regular training to update their knowledge and skills, starting from its graduate training academy. New intakes are exposed to the institution’s work ethics, core values and executive training programmes here in Nigeria and overseas.

Sola David-Borha rose through the ranks to become the Chief Executive of the Bank and later of the Holding Company before moving on to a higher role with the mother brand, Standard Bank Group. Yewande Sadiku rose to become Chief Executive of Stanbic IBTC Capital, the Group’s investment banking arm and later Executive Director, overseeing Corporate and Investment Banking at Stanbic IBTC Bank PLC before she took up a government appointment.

Bunmi Dayo-Olagunju was also Chief Executive of Stanbic IBTC Asset Management before becoming the Executive Director, Operations of the Bank.

Other top females in the Group included the Chief Executive of Stanbic IBTC Stockbrokers, Titi Ogungbesan; an Executive Director with the pension subsidiary, Nike Bajomo;  Oyinda Akinyemi and Olusola Carrena as Executive Directors in Stanbic IBTC Capital, among others. Today, the Stanbic IBTC workforce is highly symbolic, with 57% men and 43% women.

This legacy has continued to help the business attract and retain the very best. The benefits have been immense in terms of growth as staff show a rare dedication to duty and a hunger to help transform the Stanbic IBTC brand into the leading end-to-end financial services institution in the country.

The commitment has consistently been reflected in the Group’s market share across the gamut of the financial services industry and the institutions’ bottom line.

Over 30 years later, Stanbic IBTC had remained at the forefront of gender equality and inclusion, as shown by its employment and succession legacy.

But more importantly, it continued to demonstrate its belief in a gender-balanced representation in all areas of society through women-focused initiatives. In 2020, for instance, it temporarily changed its logo colour from blue to magenta to celebrate the UN Women HeForShe brand.

Stanbic IBTC has created an environment where women feel appreciated and are rewarded accordingly. “For us, achieving gender inclusiveness is not only a fundamental human right but also a business imperative,” said Sogunle.

Stakeholders in faith-based organisations and education sector have endorsed the two new products recently introduced into the financial market by Ecobank Nigeria, saying they can provide solutions to their needs.

The products Ecobank Stewardship Pack and the Ecobank School Bundle are targeted at religious and educational institutions at all levels respectively.  The Ecobank School bundle is designed to help educational institutions manage their banking needs more effectively so they can concentrate on providing world-class education.

It comprised a bouquet of digital offerings that includes Omniplus/Omnilite, Collegepay, Ecobankpay, Web collections Paydirect, Point of Sale Terminals (POS), NIBBS platforms, EBILLS PAY, Asset Finance and Ecobank School Loan.

The Ecobank Stewardship Account on the other hand is designed to help religious organisations run their daily operations smoothly and earn interest at the same time. Also referred to as The Good Steward Pack, its features include: zero monthly maintenance charge and interest rate payable on average monthly balance amongst others.

Speaking at the virtual launch, Prof. Humphrey Adebayo, Vice Chancellor, Covenant University, Ota, commended Ecobank Nigeria for taking the initiative to create the innovative products, stressing that they would add value to the operations of the various target groups.

He lauded Ecobank for rising to the challenges of covid 19 pandemic by providing services to the banking public through its various digital offerings, stating that the new products would further free time for them to focus on core roles.

According to him, “The pandemic has disrupted human activities, and changed the perspective of the world thereby increasing the need for more digital and innovative solutions to the problems it created, which will further facilitate the ease of doing of business. Education and religious institutions were highly affected by the lock down, creating a gap in the system. Digital solutions become extremely important for online learning and services with digital financial solutions being helpful with collection. This has helped in freeing these institutions to focus on their core activities. The digital platform provided by Ecobank is efficient and guarantees a high level of security and allow for real time banking services and with minimal downtime. The new Ecobank products will undoubtedly add value to these institutions.”

Alhaji Mohammed Balarabe, a seasoned Banker and chief launcher at the event said the target group would find them useful as they embark on their conventional activities. According to him, “The new normal presents a lot of challenges in almost all aspects of our life in particular, the faith-based organizations and educational institutions because of their conventional way of carrying out activities. In a bid to address these challenges, Ecobank introduced these targeted products that will help tackle them. I believe more will come our way from the Ecobank platform.”

At the launch which doubled as Ecobank Public Sector Stakeholder Engagement Webinar titled “Digital enablement of education and faith: Winning tools for new normal lifestyle”, the  products also received endorsement from Mrs. Olabimpe Aderiye, Hon. Commissioner of Education, Ekiti State, Chief ‘Yomi Otubela, National President, National Association of Proprietors of Private Schools (NAPPS) and host of others.

Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria while welcoming guests at the virtual launch was optimistic that the products can effectively assist educational institutions and faith-based organizations through tailor made digital offerings against the backdrop of the new normal lifestyle occasioned by the covid 19 pandemic.

She added that “At Ecobank, we are using digital technology to assist businesses for payments and collections, financially include many millions into formal financial systems, and therefore improve lives across Africa. We are indeed making banking easier, more accessible and more affordable across the continent than ever before.”

Moji Oguntoyinbo, Segment Head, Public Sector and Agribusiness, Ecobank Nigeria, said “Ecobank products are designed to bridge the gap and meet funding and other financial needs quickly and efficiently. Education and religion are interwoven right from the onset. Religion institutions have been huge investors in Education. These products are designed to provide secured savings and collection channels especially in the post covid 19 era where digitization is highly helpful to limit the spread of the virus.”